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Money supply hits all time high at 56% to N101trn in June

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By Kayode Sanni-Arewa

Money supply (M3), which is a broad measure of the total amount of money in an economy, has surpassed N100 trillion, reaching an all-time high for the country.

Data from the Central Bank of Nigeria (CBN) shows that M3 rose to a record N101.34 trillion in June 2024, represents a 56.15 percent increase to N64.90 trillion recorded in the corresponding period of June 2023.
When the money supply increases, it can lead to higher inflation. As more money chases the same amount of goods and services, prices tend to rise. This means that households might face higher living costs for everyday items, reducing their purchasing power, said a Lagos-based economist.
On a month-on-month basis, money supply increased by 2.11 percent from N99.23 trillion in May 2024. M3 is used by economists to estimate the total amount of money available in an economy, which can influence inflation, interest rates, and overall economic activity.

This is despite the monetary tightening of the CBN. The CBN has issued over N1.5 trillion in Open Market Operation (OMO) bills since Olayemi Cardoso took the helm as governor in a bid to stem inflation and prop up the naira, whose steep decline has unsettled the economy.
“The increased money supply is as a result of the expanded government revenue on the back of the persistent naira depreciation and improved performance of the oil sector,” said Ayokunle Olubunmi, head of financial institutions ratings at Agusto Consulting.

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The Senate and the House of Representatives on Wednesday doubled government’s borrowing limit from the CBN, known as Ways and means, from five percent threshold to 10 percent amid excess liquidity concerns. Ways and Means is provided by the CBN to finance the Federal Government’s budget shortfalls. This facility allows the government to borrow from the CBN to secure short-term or emergency funding for critical projects.

The CBN’s data revealed that currency in circulation (CIC) rose to an all-time high of N4.05 trillion in June 2024. It jumped by 55.77 percent year-on-year from N2.60 trillion in June 2023. Money in circulation increased by 2.27 percent from N3.96 trillion in May 2024.

“While the increase in CIC may suggest improved economic activity in nominal terms and higher consumer spending, it also highlights the risk of inflation, particularly if money supply growth exceeds real output growth,” analysts at FBNQuest said.

According to a report by FBNQuest indicates continued expansion in liquidity despite the Monetary Policy Committee’s (MPC) hawkish measures to tighten liquidity and control inflation.
Latest data from the Nigerian Bureau of Statistics (NBS) shows an inflation rate of 34.2 percent in June 2024, up from 22.8 percent in June 2023.

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According to the data, net credit to the government declined by 10.18 percent to N28.05 trillion in June 2024 from N31.23 trillion in June 2023. On a month on month basis, it dropped by 0.32 percent from N28.37 trillion recorded in May 2024.

Credit to the private sector decreased to N73.12 trillion in one month (June 2024), representing 1.60 percent over N74.31 trillion in May 2024. Against the corresponding period, it rose by 38.46 percent from N52.81 trillion in June 2023

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Tinubu, Oborevwori Distribute Cash, Rice, Medical Supplies To Elders In Delta

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On Tuesday, the First Lady of Nigeria, Her Excellency Senator Oluremi Tinubu, through the Social Investment Programme of the Renewed Hope Initiative, distributed Fifty Million Naira (₦50,000,000) to 250 elderly men and women from all 25 Local Government Areas in Delta State.

The distribution, which took place simultaneously across all 36 states and the Federal Capital Territory, was conducted at the Banquet Hall of the Government House in Asaba, where beneficiaries from various political affiliations were present.

Deaconess Tobore Oborevwori, the wife of Delta State Governor Rt. Hon. Sheriff Oborevwori, represented Senator Tinubu at the event.

She announced that the Governor supported the First Lady’s initiative by providing 250 bags of rice, while she herself offered free medical check-ups and medications for the elderly participants.

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In her speech, Senator Tinubu expressed her enthusiasm for the Renewed Hope Initiative Elderly Support Scheme (RHIESS), which is centered around the theme “Total Wellness: Happy, Healthy, and Prosperous Lifestyle.” She emphasized that this program is aimed at enhancing the well-being of senior citizens annually.

Senator Tinubu highlighted that the initiative seeks to assist 250 vulnerable seniors aged 65 and over from all 36 states and the Federal Capital Territory, including veterans associated with the Defence and Police Officers’ Wives Association.

Furthermore, she mentioned that the Governing Board of the Renewed Hope Initiative decided to increase the financial support for the second edition of the program from ₦100,000 to ₦200,000, to provide additional aid to elderly citizens during this festive season.

The First Lady noted that the total amount disbursed nationwide is One Billion, Nine Hundred Million Naira (₦1,900,000,000), with each beneficiary receiving ₦200,000.

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She wished the senior citizens a joyful holiday and a prosperous 2025 while encouraging them to prioritize their health through regular exercise and a balanced diet.

In her welcome address, conveyed by the Deputy Governor’s wife, Lady Catherine Onyeme, Deaconess Tobore Oborevwori expressed gratitude to Senator Tinubu and the Renewed Hope Initiative team for their generous scheme. She remarked, “This thoughtful gesture will significantly contribute to nation-building.”

Responding on behalf of the beneficiaries, Mr. Sunny Onyejose, a stalwart of the APC, extended his appreciation to the First Lady for her kindness and commended Governor Sheriff Oborevwori and his wife for their additional humanitarian contributions to the initiative.

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North Grossly Underdeveloped – Emir Sanusi Laments

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The 16th Emir of Kano, Muhammadu Sanusi II, has lamented that the northern part of the country is grossly lagging behind in terms of development particularly in education and agriculture, causing the region to suffer significantly.

Sanusi said this on Saturday at the 50th anniversary of the visit of the founder of Faidha Tijjaniyya in West Africa, Sheikh Ibrahim Nyass, in Jos, Plateau State.

The Emir, who was the guest speaker at the event, said the North had failed to capitalise on its huge population, noting that significant percentage of people from the region are mostly agrarian farmers who lack the requisite knowledge on modern agricultural technology.

He urged stakeholders in the North to invest in education and agriculture for the betterment of the region and its people, adding that the north must wake up.

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Delivering a lecture on the imperative of harmonious coexistence in a multi-ethnic/religious setting, the Emir recalled that 50 years ago, late Sheikh Ibrahim Nyass, visited Nigeria from Senegal on the invitation of the then former Head of State, General Yakubu Gowon, to foster peaceful coexistence among the Muslims and non-Muslims in the then Benue-Plateau State.

He added that his grandfather, Muhammadu Sanusi I, received Sheikh Nyass under the permission of the then Governor of Benue-Plateau State, J. D Gomwalk.

While commending the present administration in the state for its support and commitment towards activities of Muslim community, Sanusi urged Muslims in the state to complement the efforts of the state governor to achieve sustainable peace and development.

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Agidigbo FM denies organising Oyo’s tragic children’s party sponsored by Ooni’s ex-wife’s foundation

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Agidigbo FM, a prominent private radio station, has disclaimed involvement in the ill-fated children’s festive party that tragically resulted in multiple deaths on Wednesday morning in Ibadan, Oyo State capital.

The tragedy which struck on Wednesday morning at the Islamic High School in Bashorun, Ibadan when a stampede occurred during a children’s Christmas party.

The station’s management clarified they were not sponsors or organisers of the event, contrary to initial reports. It identified the organiser as WINGS (Women In Need Of Guidance and Support), whose founder is Queen Naomi Silekunola Ogunwusi, the ex-wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi.

Eyewitnesses report that many children were trampled in the chaos, with several others injured and currently receiving treatment at the University College Hospital in Ibadan.

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The exact number of fatalities and injuries is still unknown, but the incident has sent shockwaves through the community.

Reacting in a press statement shared via his personal X profile, Governor Seyi Makinde also confirmed the multiple deaths during the stampede as reported by SaharaReporters.

He added that the organisers of the event had been arrested and that an investigation was ongoing to unravel the cause of the tragedy.

Queen Naomi Silekunola Ogunwusi, the former wife of the Ooni of Ife, was a key organiser of the tragic children’s festive party. Additionally, Agidigbo 88.7 FM, owned by Oriyomi Hamzat, had actively promoted the event in the days leading up to the devastating incident.

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A press statement signed by Olayinka Abdul Wahab, Director of Programmes at Agidigbo FM on Wednesday evening, however, denied the involvement of Oriyomi and its organisation in the planning of the event.

The statement reads: “This is to inform the general public that the management of Agidigbo FM, Ibadan, received the news of the tragedy that heralded the children’s fun fair at Islamic High School, Bashorun, Ibadan, organized by the WINGS foundation with great shock and wholeheartedly commiserate with the families involved.

“Amidst the tragedy, the news making the rounds says that Agidigbo FM is the organizer of the children’s funfair. However, the management wishes to state that Agidigbo FM is not the organizer of the event but one of the media outfits used to promote the event.

“Upon receiving the notice that a mammoth crowd had assembled before 5 am this morning at the venue, Agidigbo FM, the people’s voice, used all media strategies to sensitize the populace with jingles and public service announcements, from that time that people should stop going to the venue of the funfair.

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“The organizers of the event also did all they could to ensure that the tragedy was curtailed by deploying security apparatus, medical officials, and other relevant agencies to come to the aid of those affected by this tragic event.

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